Mergers & Acquisitions
Original Press Release
Technetics Group Acquires Fabrico, Inc. to Increase Footprint in Land Based Turbine Market
Press release date: December 26, 2014
HOUSTON (December 26, 2014) - Technetics Group, a globally trusted source for engineered components, seals, assemblies and sub-systems for demanding environments, announces the acquisition of Fabrico, Inc., a leader in the development and manufacture of precision sealing and combustion components and assemblies for the Land Based Turbine (LBT) market.
"We are excited by the superior breadth of products and services we will be able to offer our customers as a result of the experience and expertise Fabrico brings," said Gilles Hudon, President of Technetics Group. "By expanding our industry and applications knowledge, we are now poised to become the seal and combustion leader in the LBT market."
Founded in 1985 and based in Oxford, Mass., Fabrico brings 165 highly skilled technical professionals to Technetics Group and the EnPro Industries family. Patrick Mullane, current CEO of Fabrico, will continue to lead the division and report directly to Hudon as part of the acquisition.
"Patrick and the Fabrico employees have done an excellent job positioning the company for future growth," Hudon said. "As we can now leverage our common platform to accelerate our global growth efforts in the LBT market, it was imperative that Patrick and his team continued to be a part of this. I am very proud to have them join our team and excited about our future."
Fabrico has additional facilities in Charlton, Mass. and Greenville, S.C., and is considered the leading supplier of mission-critical components for the combustion and hot path sections of industrial gas and steam turbines. According to Mullane, "Fabrico has a 25+ year record of providing world class products to its customers. While we have enhanced our capabilities significantly over the past five years, we realized that a larger platform would enable us to best serve, and grow with, our customers and, in so doing, provide opportunities for our employees."
"The acquisition of Fabrico represents a concerted effort to reallocate capital to businesses that are central to EnPro's future growth," said EnPro Industries, Inc. CEO Steve McAdam.
"Fabrico's industrial gas turbine focus is highly complementary with Technetics Group's strategic market focus, and the acquisition provides another product adjacency move that will create new growth opportunities for Technetics Group."
The business was acquired from Fabrico Holding Company LLC, a portfolio company of Prudential Capital Partners III, L.P., in a cash transaction. Terms of the transaction are not being disclosed.
For more information about Technetics Group, visit www.technetics.com.
About Technetics Group
Technetics Group, a part of EnPro Industries (NYSE: NPO), provides innovative solutions for the world's most critical and demanding applications, from nuclear reactor pressure vessels to jet engines. Technetics Group is a globally trusted source for engineered components, seals, assemblies and sub-systems that are custom-designed for high performance and extreme applications in the semiconductor, aerospace, power generation, oil and gas, medical and other industries. For more information, please visit www.technetics.com.
About EnPro Industries, INC.
EnPro Industries, Inc. is a leader in sealing products, metal polymer and filament wound bearings, components and service for reciprocating compressors, diesel and dual-fuel engines and other engineered products for use in critical applications by industries worldwide. For more information about EnPro, visit the company's website at http://www.enproindustries.com.
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